Yearly inflation rates have since fallen from a high of 837 % to the current 194 % as at April 30, 2021 amid the slowdown of the Zimbabwe dollar depreciation on both the parallel and official exchange rate markets. Several listed companies and banks have since acknowledged the platform’s imp...
He emphasized that the sale of any banking institution in Zimbabwe requires approval from regulatory bodies, including the Registrar of Banks and Exchange Control. “If there had been any directive for the sale, it would have had to be addressed to the Reserve Bank as the approving authori...
The scenario has also pushed up inflation as local shops have continued to benchmark their price using the parallel market exchange rate. “We continue to witness some increases in aggregate demand in the economy and that increase is mainly attributed to the use of local currency, what we have...
The Reserve Bank of Zimbabwe (RBZ) has revised its 2024 economic growth forecast down to 2%, citing the severe drought's impact on economic activity. This is a sharp decline from earlier estimates, including a 3.5% forecast in April and a 5.3% forecast in November 2023. The drought has ...
President Emmerson Mnangagwa on Thursday brought forward by a month the appointment of John Mushayavanhu as the new Reserve Bank of Zimbabwe governor, hoping to stem the collapse of the local currency.The official exchange rate moved from US$1 : ZWL$6,000 in January to ZWL$20,000 on March...
5 percent of the export surrender proceeds will have an option to invest the funds in a United States Dollar Denominated Deposit Facility (USDDDF) at the Reserve Bank — and the invested funds can be withdrawn in ZiG on demand, at the prevailing interbank exchange rate on the settlement date...
Zimbabwe introduced a Dutch foreign currency auction system in June this year, to replace the interbank that was in place until March this year, and temporarily displaced by a fixed rate regime resulting in exchange rate stability. “The banking sector foreign currency deposits stand at US$1,1 ...
THE Reserve Bank of Zimbabwe (RBZ) has ruled out using an interbank-driven exchange rate, saying a rate determined at the foreign currency auction system would remain in force. An interbank rate is the interest rate charged on short-term loans between banks. ...
“In the wake of manipulation of the exchange rate by some borrowers of large amounts to the detriment of consumers, the bank reserves the right to publish the names of significant borrowers across the banking sector in the public interest,” read the statement. ...
The new policy also now dictates that oil marketing companies, which used to get foreign currency from the RBZ at the 1 to 1 parity exchange rate policy, will now use the interbank market to obtain the hard currency. RBZ’s warning comes after the bank said this week it had begun draw ...